SHAREHOLDER ALERT: Pomerantz Law Firm Has Filed a Class Action Against Pretium Resources, Inc. and Certain Officers - PVG
December 19 2013 - 8:00AM
Marketwired
SHAREHOLDER ALERT: Pomerantz Law Firm Has Filed a Class Action
Against Pretium Resources, Inc. and Certain Officers - PVG
NEW YORK, NY--(Marketwired - Dec 19, 2013) - Pomerantz Grossman
Hufford Dahlstrom & Gross LLP has filed a class action lawsuit
against Pretium Resources, Inc. ("Pretium" or the "Company")
(NYSE: PVG) and certain of its officers. The class action,
filed in United States District Court, Southern District of New
York, and docketed under 13-cv-7556, is on behalf of a class
consisting of all persons or entities who purchased or otherwise
acquired securities of Pretium between November 20, 2012 and
October 21, 2013 both dates inclusive (the "Class Period"). This
class action seeks to recover damages against the Company and
certain of its officers and directors as a result of alleged
violations of the federal securities laws pursuant to Sections
10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule
10b-5 promulgated thereunder.
If you are a shareholder who purchased Pretium securities during
the Class Period, you have until December 26, 2013 to ask the Court
to appoint you as Lead Plaintiff for the class. A copy of the
Complaint can be obtained at www.pomerantzlaw.com. To discuss
this action, contact Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, x237. Those who inquire by e-mail are encouraged to include
their mailing address, telephone number, and number of shares
purchased.
Pretium is an exploration and development company that was
formed for the acquisition, exploration and development of precious
metal resource properties in the Americas.
The Complaint alleges that throughout the Class Period,
Defendants made false and/or misleading statements, regarding the
Company's mineral reserves and compliance with applicable reporting
and feasibility study requirements. Specifically, Defendants: 1)
vastly inflated the value of reserves contained in the Brucejack
Project, especially the gold reserves in the VOK Zone;
2) failed to disclose that its sampling methods were not in
conformance with industry standards; and 3) failed to disclose the
Company was not in compliance with NI 43-101. As a result of
the foregoing, the Company's statements were materially false and
misleading at all relevant times.
On October 9, 2013, the Company disclosed that Strathcona, its
Independent Qualified Person hired by the Company to evaluate the
mineral reserves in the Brucejack Project, had abruptly resigned
from the engagement. On this news, Pretium shares declined
$2.07 per share or over 30%, to close at $4.70 per share on October
9, 2013.
Then, on October 22, 2013, the Company provided further
information regarding Strathcona's sudden resignation, reporting
that it had resigned after a dispute with the company over sampling
methods, particularly after advising the Company that, "there are
no valid gold mineral resources for the VOK Zone, and without
mineral resources there can be no mineral reserves, and without
mineral reserves there can be no basis for a Feasibility
Study." Strathcona further concluded that "statements
included in all recent press releases [by Pretium] about probable
mineral reserves and future gold production [from the Valley of the
Kings zone] over a 22-year mine life are erroneous and
misleading." On this news, Pretium shares declined $1.27
per share or over 27%, to close at $3.36 per share on October 22,
2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida,
and San Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L. Pomerantz, known as the dean of the
class action bar, the Pomerantz Firm pioneered the field of
securities class actions. Today, more than 70 years later, the
Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of
fiduciary duty, and corporate misconduct. The Firm has recovered
numerous multimillion-dollar damages awards on behalf of class
members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby Pomerantz Grossman Hufford
Dahlstrom & Gross LLP Email Contact
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